Renewed optimism, thanks to increased retail sales, caused U.S. stocks to begin to rebound yesterday from a three-session loss streak, but waned as oil fell to a new, five-year low and efforts to block a spending bill in the House renewed worries of a government shutdown.
At one point, the Dow Jones Industrial Average increased by 225 points on news that retail sales rose 0.7 percent in November, the largest increase in eight months.
The Labor Department also reported fewer people filed unemployment claims last week.
"There's no question the numbers were encouraging," said Jon Hurst, president of the Retailers Association of Massachusetts.
"The key is whether they'll be sustained next month because, on average, November and December combined make up about 20 percent of the year's total sales."
Just hours before the House of Representatives passed a spending bill and the Senate passed a temporary bill to avert a U.S. government shutdown, the Dow ended at 17,596.34, up 63.19 points, or 0.4 percent, after crude oil dropped below $60 per barrel.
The latter is good news for the economy, for now, because the less people need to spend on gas, the more they can spend on other things, said Alan Clayton-Matthews, associate professor of economics and public policy at Northeastern University.
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